Lee Jae-myung, the presidential nominee of the ruling Democratic Party, said Wednesday he will increase the government's investment in startups to 10 trillion won ($8.50 billion) by 2027 and help create 300,000 annual jobs in new technologies and industries.

If elected, Lee said he will also improve the financial, tax and regulatory system for small businesses and offer them tailored assistance to support their growth to mid-sized and large firms.

"Fair growth in which businesses large and small, and capital and labor, coexist and work together is the answer to emerging from the mire of low growth," Lee said during a press conference at an industrial complex in southwestern Seoul.

"Like Germany, we too should carry out reforms to build an economic structure where small and medium-sized businesses are strong," he said.

The candidate laid out a total of seven top campaign promises for small businesses and startups.

They include achieving a balance of power between large and small businesses, creating a culture in which businesspeople are respected, and supporting small businesses' transition to digital systems. (Yonhap)